16 May 2022 · 2 min read

Bitcoin and Ethereum Look for Direction, ADA and SOL Trim Gains

 

  • Bitcoin price fluctuates around USD 30,000.
  • Ethereum hovers above USD 2,000, XRP stayed above USD 0.40.
  • AR outperformed with a strong move above USD 17.

Bitcoin price started a downside correction from the USD 31,500 zone and declined below the USD 30,000 support zone before recovering. It is currently (11:29 UTC) trading near USD 30,100 and is almost unchanged in a day. It’s still down 12% in a week.

Similarly, most major altcoins are also fluctuating without a clear direction. ETH declined towards USD 2,000 before nearing USD 2,050 again. XRP managed to stay above the USD 0.400 level while ADA trimmed some of its gains today.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling to clear the USD 31,200 and USD 31,400 levels, bitcoin price started a downside correction. BTC declined below the USD 30,000 support zone before recovering.  If there is a downside break below USD 28,500, the price could accelerate lower towards the USD 27,800 level.

On the upside, the price is facing resistance near the USD 30,500 zone. The next key resistance is now forming near the USD 31,200 and USD 31,400 levels.

Ethereum price

Ethereum price also started a decent downside correction after it failed to clear the USD 2,200 level. ETH is fluctuating below the USD 2,100 level and is down 1% in a day and 19% in a week. The next major support is near the USD 1,950 level, below which the price could accelerate lower towards the USD 1,880 level.

On the upside, the bears might remain active near the USD 2,120 level. The main breakout zone is now near the USD 2,200 level, above which the price might accelerate higher towards the USD 2,320 level in the near term.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained pace and even spiked above the USD 0.60 level. However, it failed to stay above the USD 0.60 level and corrected near USD 0.55 before moving higher again. On the downside, the first key support is near USD 0.52, below which the price could revisit the USD 0.50 support zone. ADA is still up almost 4% in a day. 

BNB started a downside correction below the USD 300 level before returning to this level. If there is a move below the USD 288 support, the price could decline towards the USD 275 support level in the near term.

Solana (SOL) failed to clear the USD 60 level and corrected lower. There was a move below the USD 56 level and the price even tested USD 52 before recovering somewhat. The next major support is now near the USD 50 level. SOL is up almost 4% in a day.

DOGE corrected lower below the USD 0.090 level. The price was moving towards the USD 0.085 level before returning above USD 0.88. Any more losses might send the price towards the USD 0.080 level.

XRP price is now trading below the USD 0.045 level as it moved towards the USD 0.0400 level. If there is a downside break below USD 0.0400 level, the price could accelerate lower.

Other altcoins market today

Many altcoins are in the red zone, including DOT, AVAX, TRX, LTC, BCH, UNI, FLOW, APE, ICP, VET, SAND, MKR, THETA, and GRT. Conversely, AR rallied around 10% and broke the USD 17 level, trimming its weekly losses to 11%.

To sum up, bitcoin price is looking for a direction and fluctuating around the USD 30,000 level. If BTC stays above USD 28,500, it could start a fresh increase in the near term.

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